By Staff writer
New Credit Suisse report also says Qatar recorded the highest average wealth per adult of $161,700 in mid-2016
The number of millionaires living in the Middle East and North Africa (MENA) has grown by 330 percent since 2000 and is expected to reach 460,000 by 2021, according to new research by the Credit Suisse Research Institute (CSRI).
Household wealth in the region reached an estimated $3.7 trillion in mid-2016, but average wealth in MENA has declined by 2.6 percent in the past 12 months to $13,300, the report said.
It added that Qatar recorded the highest average wealth per adult of $161,700 in mid-2016, while UAE followed closely with $151,100.
However, both countries saw a small drop of 0.4 percent and 0.3 percent respectively from the year-earlier period. Kuwait placed third in the region with an average wealth per adult of $119,000, up by 0.2 percent since last year.
The average wealth per adult in Bahrain fell by 1.1 percent to $50,600 while average wealth per adult in Saudi Arabia, the largest economy in the region, also fell by 0.6 percent, touching $40,600, the report added.
Globally, the average wealth per adult of $52,800 remained in line with last year’s figures.
In terms of total wealth, Saudi Arabia ranked first with an estimated wealth of $725 billion, closely followed by the UAE with an estimated wealth of $597 billion.
Qatar and Kuwait’s total wealth is estimated to be $210 billion and $288 billion respectively while Bahrain's net household wealth is estimated at $31 billion.
Total wealth in the MENA region grew by 162 percent since 2000, well above the global average 119 percent.
The report added that the MENA region currently accounts for 5.9 percent of the world's adults but just 1.4 percent of global wealth.
The study also noted that the number of adults in the region has increased by 56 percent since 2000, the highest rate among regions in the report, with the lower segment of the wealth pyramid - adults with net wealth up to $10,000 - accounting for 83 percent of the population.
In contrast, the number of adults belonging to the global middle class - with net wealth between $10,000 and $100,000 - grew by 90 percent over the same period.
By far the fastest growing segments of the wealth pyramid were the top tiers, as the number of adults with net wealth between $100,000 and $1,000,000 grew 278 percent for the period 2000-16, and the number of millionaires grew by an estimated 330 percent.